In a rent-to-own agreement, you (as the buyer) pay the seller a one-time, usually nonrefundable, upfront fee called the option fee, option money or option consideration. This fee is what gives you the option to buy the house by some date in the future. The option fee is often negotiable, as there’s no standard rate. Still, the fee typically ranges between 2.5% and 7% of the purchase price.

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As the end of the rent-to-own contract nears, it’s a smart idea to address any minor problems that the home inspection turned up. It’s also a good idea to make small cosmetic improvements and upgrades as needed, if possible, to help increase the value of the home prior to applying for a mortgage loan. It’s called sweat equity … and it can make a big difference when it’s time to negotiate favorable mortgage loan terms.
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Closing process. You’ll need to secure financing at the end of the lease term if you plan to purchase the house. At that point, the lender will set a closing date where you’ll be given ownership of the property as the buyer. Depending on the terms of the agreement, the percentage of rent money set aside for your purchase and/or option money will be credited to you.
Zillow.com allows potential tenants to search by zip code for houses. Once you've searched, you'll be able to filter the home results by type from RTO and foreclosures to auctions and broker-owned. You'll have to create an account to get seller information, but there are email forms you can fill out to contact a broker directly to ask about the property. Be warned that Zillow has a history of cross-selling user information to third party brokers rather that choosing to connect interested parties with the real property broker. The button to contact the correct broker may be grayed out and their contact information may be hidden below the fold after many screens of other information.
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This option, also referred to as a land installment contract or contract for deed is the most popular contract for RTO agreements. A lease purchase contract uses traditional rental contracts, and it locks the tenant into purchasing the house once the contract is up. It should include rent amounts and due dates, rent credit amounts, property price, terms and rules, and duration of the contract. You will also have to decide who takes care of maintenance and repairs while the RTO contract is binding, and what portion of the rent payment goes to the down payment amount as a rent credit. This type of contract makes it mandatory for the tenant to purchase the home once the contract is up. If they choose not to, or if they're unable to, they can face legal issues.
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Maintenance. In a rent-to-own agreement, the seller may ask you to cover costs such as repairs, maintenance, HOA fees and property taxes while you’re renting. You could be on the hook for everything from landscaping to a broken air-conditioning unit. That’s why it’s so important to walk through the contract with an attorney who can clearly explain what each party is responsible for.
Landscaping – If you live in an HOA, you will be required to meet the requirements set up by the HOA. Generally, as long as you keep your stuff neater than your neighbor, you are good. If a complaint is filed against the property, you will be required to reimburse us. Failure to reimburse us is a violation of your contract and reason for an eviction. If you don’t live in an HOA, just please be courteous to your neighbor and don’t rebuild transmissions in your driveway…
Conversely, if you decide not to buy the house – or are unable to secure financing by the end of the lease term – the option expires and you move out of the home, just as if you were renting any other property. You’ll likely forfeit any money paid up to that point, including the option money and any rent credit earned, but you won’t be under any obligation to continue renting or to buy the home.
In a sense, it can slow down the process in a beneficial way for the buyer. Someone with bad credit now not only has a place to live, but a timetable to try and get their credit to a more respectable level in time for the lease to end and a purchase to be made. Someone down on their luck with regards to jobs and illnesses has time to recover physically, mentally and financially without the stress of worrying about their living situation.
In a rent-to-own transaction, the tenant lives on the real property and pay towards purchasing the property at a fixed price within a specific period of time, usually one to three years.[3] As part of the contract, the renter may be required to make a nonrefundable deposit [3] often included as part of a down payment at the end of the lease term. In addition to monthly rent, often an additional amount called a rent credit is paid into an escrow account during the lease period. This amount is added to the deposit and used as part of the down payment at the end of the lease term. This pushes the rent above the market rate but helps build savings for purchase if the buy option is taken.[37] At the end of the lease term, the tenant is offered right of first refusal to purchase the property at the agreed upon sale price, or walk away and forfeit the deposit.[38] If the tenant is unable or unwilling to exercise the option to buy, the owner is then free to rent or sell the property to another buyer, or to restructure the contract.[3][37]

Tenants who rent-to-own are often individuals who would have trouble buying a house through the traditional route because of poor credit, low income, or lack of a down payment. Rent-to-own gives them an opportunity for home ownership while living in the house they will eventually purchase and it also gives them a chance to discover flaws in the house before committing to purchasing it.
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If your budget can’t tolerate the mortgage in those communities, you can still enjoy a pleasant living environment in neighborhoods like Aliante. This is a family-friendly community with a suburban feel, and you have access to multiple parks and schools within close proximity of residential areas. Henderson and Summerlin are larger neighborhoods that offer similar suburban living environments with reasonable housing prices.
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